Colombo (News1st): Alibaba Group Holding Ltd’s co-founder Jack Ma will announce a succession plan tomorrow (September 10) to hand the reins of his sprawling empire to a new generation of leaders but will remain executive chairman for the time being.
Citing a company spokesperson the South China Morning Post newspaper reported that Ma will announce the plan on his 54th birthday and the handover strategy will stretch over a significant period of time.
Alibaba declined to comment but pointed toward the SCMP story when asked about Ma’s plans. Ma stepped down as chief executive in 2013. He currently serves as the company’s international face at top political and business events.
China’s third-richest person with a net worth of $36.6 billion, Ma was quoted by the New York Times as saying his retirement was not the end of an era, but the beginning of one. While Ma’s plan to gradually step back is a milestone, analysts and industry professionals said it was unlikely his involvement would change significantly.
Jack Ma cofounded Alibaba Group, one of the world’s largest e-commerce businesses.